General California Insurance Law

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Life Ins Includes

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Ins includes life and annuity coverage

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Fire ins

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-Covers natural disaster-fire, windstorm, tornado or earthquake

-destruction or damage to different types property

-personal property floater any kind loss other tjan merchandise

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Natural disaster

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Liability

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Liability for injury, fatal and non suffered from damage to property or personal interests of others

Not workers comp, common carrier, boiler and machinery, team and vehicle ins

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Personal injury

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Marine Ins

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Covers losses to vessels, crafts, aircraft, automobiles-persons or property in connection with these losses. Includes precious stones, jewelry, silver and gold.

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Vessels of any sort

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Insurance does

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Transfers the risk of loss from one entity to an insurance co-spreads it over a number of individuals.

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A Person

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Is a legal entity which accepts legal and civil responsibilty for itself

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Persons include

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People, Association, Organizations, Corporations, Partnerships and trusts.

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Insurance Contract Is

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The legal agreement whereby two parties contract on what is protected and for how much. Indemnification

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California Insurance Code Insures

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If a possible future event could cause a loss to a legal person, it maybe insurable

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What is Reinsurance?

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When one insurance company indemnifies another insurance company. (Usually gives reinsurance due to possible catastrophic loss.

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Facultative Reinsurance

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Reinsurance on a specific policy

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Disability Insurance

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Insurance related to injury, disablement or death (accidental or sickness)

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Health Insurance

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Means disability insurance but does not include; accidental death, dismemberment, disability ins for hospitals or accident only, credit disablement, long-term care and orher limitwd coverage policies

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Auto insurance

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Auto owners, users, dealers, or any insurable interest that the above have

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Title Insurance

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Indemnifies owners of real property or the holder of liens on property

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Surety

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Guaranty of performance other than insurance policies, loss resulting from forgery or changes to any instrument or signature or protection against loss or destruction of evidence of debt, evidence of ownership of deeds, mortgage, mortgages, bills of lading

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Workers Compensation

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For injuries of employees in the course of employment, not dependent of neglicence, insurance is enforced by law.

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Common Carrier

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Insurance against loss resulting from a common carrier for accident or injury, fatal or non fatal-does not include liability or workers compensation insurance

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Boiler and Machinery

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Insurance for persons or property from explosions of or accidents to boilers, tanks, pipes, pressure vessels, engines, wheels, electrical machinery or appartus nearby

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Burglary Insurance

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Insurance against loss by burglary or theft or both, or from loss from money, securities, books, or documents insured

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Credit Insurance

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Insurance of persons engaged in business of extending credit to those dealing with them and failure to meet obligatiins

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Sprinkler Insurance

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Insurance of goods damaged by sprinklers, pumps, or other apparatus placed for extinguishing fires or loss arising from breakage or leakage of water pipes through accidental injury to pipes or water system

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Team and Vehicle

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Insurance against loss through damage or legal liability for damage to caused by the use of teams or vehicles other than ships, boats, railroad rolling stock whther by accident or collision or by explosion to engine, tank, boiler, pipe or tire of vehicle and theft of whole part of engine

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Mortgage

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Guaranteeing the payment of the principle, interest, or other sums agreed to be paid in a note or bond secured by mortgage

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Mortgage Guaranty

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Insurance includes insurance against financial loss by reason of principle, interest and orher sums of money paid under the terms of any note or bond evidence of indebtness secured by mortgage, deed or trust or other deed constituting a lien or charge on real estate

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Aircraft

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Insurance on aircraft owners and users against loss incidental to owning, maintaining, operating or use of aircraft other than accidental or physical injury, fatal or non fatal

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Insolvency

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Loss from Failure of a insurer to discharge its obligations under its insurance policies

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Legal

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Insurance for the assumption of contractual obligation to reimburse the insured for fees and costs related to legal representation by active member of bar

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Misc Ins

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Direct or indirect lighting, windstorm, tornado or earthquake/ loss from theatrical production problems/ any ins not included in classes

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Insurance Policy

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Warranty

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Fraud

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Material to the Transaction for Fraud

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Felonies

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Felonies Punished by

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Or Both

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California Law Requires (Punishment

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Concealment

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Representations

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Misrepresentations

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Violation of a Representation

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Six specfications

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